In the matter of Anglican Development Fund Diocese of Bathurst Board (Receivers and Managers Appointed) [2017] NSWSC 967

In the matter of Anglican Development Fund Diocese of Bathurst Board (Receivers and Managers Appointed) [2017] NSWSC 967

The Court was satisfied that final distribution approval should be given because no useful purpose would be served by the Receivers remaining in office for a potentially considerable time pending a small future Lehman Brothers dividend, where the benefit of that dividend could be transferred to creditors by irrevocable direction and the creditors supported the orders. The accounts were supported by evidence that they were true and accurate. The remuneration and expenses were fair and reasonable having regard to the complexity of the receivership, the work performed, discounted and reasonable rates, proportionality to recoveries and creditor consent. The Purpose of the receivership had...

Jurisdiction
Australia
Judgment Date
21 July 2017
Procedural Posture
Application by Court Appointed Receivers and Managers in the Equity Corporations List / Interlocutory Process Seeking Approval for Final Distributions to Creditors, Passing of Receivership Accounts, Fixing of Remuneration and Expenses, and Discharge and Release of Receivers and Managers
Outcome
Application granted.
Legal Topics
['receivers and Managers' 'court Appointed Receivers' 'distribution to Creditors' 'passing Receivership Accounts' 'remuneration and Expenses of Receivers' 'discharge and Release of Receivers']
['corporations' 'equity' 'insolvency'] ['receivers and Managers' 'court Appointed Receivers' 'distribution to Creditors' 'passing Receivership Accounts' 'remuneration and Expenses of Receivers' 'discharge and Release of Receivers']

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Procedural Posture

Application by Court Appointed Receivers and Managers in the Equity Corporations List / Interlocutory Process Seeking Approval for Final Distributions to Creditors, Passing of Receivership Accounts, Fixing of Remuneration and Expenses, and Discharge and Release of Receivers and Managers

Legal Issues

  1. 1 ['Whether the receivers and managers should be permitted to make a final cash distribution to admitted creditors and direct future Lehman Brothers liquidation dividends to CBA.' 'Whether the receivership accounts for the periods 1 October 2016 to 31 March 2017 and 1 April 2017 to 7 July 2017 should be passed.' 'Whether the remuneration and expenses claimed by the receivers were fair and reasonable and should be fixed by the Court.' 'Whether the receivers and managers should be discharged and released because the Purpose of the receivership had been achieved.']

Ratio Decidendi

The Court was satisfied that final distribution approval should be given because no useful purpose would be served by the Receivers remaining in office for a potentially considerable time pending a small future Lehman Brothers dividend, where the benefit of that dividend could be transferred to creditors by irrevocable direction and the creditors supported the orders. The accounts were supported by evidence that they were true and accurate. The remuneration and expenses were fair and reasonable having regard to the complexity of the receivership, the work performed, discounted and reasonable rates, proportionality to recoveries and creditor consent. The Purpose of the receivership had...

Court Disposition

Application granted.

Orders

  • ['The receivers and managers are permitted to make final distributions to creditors.' "The receivers' and managers' accounts are passed." "The receivers' and managers' remuneration and expenses are fixed in the amounts proposed." 'The receivers and managers are discharged and released as joint and several receivers...